Payables and Cash Management - EBS (MOSC)

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Returned Payment

edited Aug 20, 2021 7:33AM in Payables and Cash Management - EBS (MOSC) 3 commentsAnswered

Hi,

I would like some clarification on how to deal with a returned payment from a bank reconciliation viewpoint. 


There will be 3 transactions that will appear on the bank statement on different days.  Our bank provides the statement with the returned payment as a receipt and not a stopped payment which I think it should.     

ORIGINAL Payment: 100

Receipt: 90 (returned payment less bank charges)

New Payment : 100

Once the returned payment (receipt) has appeared on the statement we would need to unreconcile the original payment to unclear it so the payment can be voided.

I know that you can reconcile a voided payment against a stopped payment but would I do this against the original payment or the receipt (returned payment) if at all?  And if I do this how would I deal with the other transaction (either original payment or Receipt) as there would be no available transaction to reconcile against.

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